Due diligence checklist, Australia
Consumer Data Right: what to ask a vendor
Consumer Data Right (Competition and Consumer Act, Part IVD). Treasury and the ACCC. Data holders share consumer data under the CDR Rules and Standards, and recipients hold accreditation.
What it is
Data holders share consumer data under the CDR Rules and Standards, and recipients hold accreditation.
Who it applies to
Applies to every financial institution in Australia, when procuring open banking and cdr, digital banking, payments.
What to ask a vendor, and the evidence to request
| # | Ask the vendor for | Evidence to request |
|---|---|---|
| 1 | Conformance with the Consumer Data Standards and the CDR Rules | Conformance test results or a written statement of conformance against the standard, with the version supported. |
| 2 | Accreditation as a data recipient, or an accredited sponsor, where the vendor receives CDR data | The accreditation record or sponsor arrangement, with its scope and date, or a written statement that none is held. |
In every case
- A named contact at the vendor responsible for this regime, and how the vendor tracks changes to it.
- Which named customers the vendor already serves under this regime, as references you may call.
This checklist is a starting point for a procurement team, not legal advice. Read it with the regulator's own page, your institution's policies and your legal and risk teams; the regime may have changed since the date on this document.
Next
- Every checklist, by country
- What a market scan is and how to run one
- Have Vederca run the procurement: the regime goes into the register as a must-have